Bitcoin: A Misunderstood Revolution
10k sats \ 23 comments \ @jimmysong 31 Oct 2023 bitcoin
Most people do not appreciate the computer science breakthrough that Bitcoin was.
Before Bitcoin, we did not think decentralized digital scarcity was possible. Everything that has come before, and pretty much everything that has come since was either physical, centralized or not scarce.
Bitcoin brought all three together and even exceeded the scarcity of what came before. It was, to be sure, not just a computer science breakthrough, but a monetary breakthrough.
Yet, even after 15 years, most people don't get the significance of this new thing that was created. But as Bitcoin enters adulthood, it'll get much more respect, because it'll have proven its properties over time.
And it's that true adoption, by people that understand its use as unconfiscatable savings that will transform not just the holders, but civilization itself. Brace yourselves, because the real show is about to begin.
write
preview
related posts
181 sats \ 17 replies \ @phygit 31 Oct 2023
"Yet, even after 15 years, most people don't get the significance of this new thing that was created. "
Maybe it's time to ask ourselves why.
reply
830 sats \ 6 replies \ @harrr 31 Oct 2023
Financial privilege. The people you and OP interact with probably have no real need for bitcoin as the existing financial system works well enough for them.
reply
923 sats \ 3 replies \ @purpurato 31 Oct 2023
I interact with many people that are the complete opposite of privileged, I guess you could say they're financially oppressed, and most don't want to know anything about it.
There are many reasons, it's not that simple.
reply
32 sats \ 1 reply \ @harrr 31 Oct 2023
What DO they use to escape the financial oppression?
reply
100 sats \ 0 replies \ @purpurato 2 Nov 2023
Booze Loud music Women...
The worst shackles are the ones you do not know you have
reply
21 sats \ 0 replies \ @southside263 31 Oct 2023
yes, the bitcoin brand is strong.
but most still think its a scam.
bitcoin is hard to understand (most of the content is in english).
when bitcoin education grows and bitcoin tools get easy, adoption will grow.
reply
131 sats \ 1 reply \ @owleyedapprentice 31 Oct 2023
on the flip side, so many people in the working class are squeezed by their jobs to the point that there isn't time and/or mental fortitude to explore ideas that run opposite to how they were raised. it's a radical shift to make, and i think apathy takes over before curiosity can take hold.
reply
231 sats \ 0 replies \ @037447d9ca 31 Oct 2023
this. workers suffering from raging inflation also can't afford to grow any savings, weather in bitcoin or whatever currency
reply
161 sats \ 2 replies \ @0200374f73 31 Oct 2023
15 years in, there are an estimated 219mm Bitcoin users worldwide. 15 years after ARPANET adopted TCP/IP (1983), it was 1998, and there were 147mm internet users worldwide. We are roughly in 1998 today.
reply
1 sat \ 1 reply \ @evanbaer 31 Oct 2023
Who are these 219 million users?
And why are they not all on Stacker News?!
reply
0 sats \ 0 replies \ @southside263 31 Oct 2023
they're not on bitcoin twitter lol
reply
121 sats \ 0 replies \ @usagi 31 Oct 2023
An attempt at part of the answer:
https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin
I think most "privileged" people trust the system and know how to work it and there's little incentive to question it.
People who are not privileged may still trust the system as they're unaware of how the system is screwing them and they may be benefiting in small ways, e.g. welfare.
reply
21 sats \ 3 replies \ @343pg 31 Oct 2023
One of the chief reasons is likely price volatility - it always appears to be in a bubble, or dead?
reply
31 sats \ 0 replies \ @random_ 31 Oct 2023
Schrödinger's Bitcoin
reply
0 sats \ 1 reply \ @DarthCoin 31 Oct 2023
That is fiat mentality. You NGMI
reply
21 sats \ 0 replies \ @343pg 31 Oct 2023
Do you know what, Darth? I think I'll be just fine 😂
reply
11 sats \ 0 replies \ @garyKrause_ 31 Oct 2023
Friction of use. Because everyone is on the rat wheel they have little time to adopt new tech. So reducing friction is key. The existing monetary system has a huge jump start on reducing the friction to suck you in and enslave you. You can get a line of credit in minutes.
reply
11 sats \ 0 replies \ @downtownjj 31 Oct 2023
its probably because its so novel and so different from anything that has existed before that makes it hard for people to wrap their heads around it. but that will begin to change
reply
22 sats \ 0 replies \ @southside263 31 Oct 2023
time.
most people are head down in their jobs/paying rent/raising families.
i feel financial literacy comes last for those stuck 'swimming' :(
reply
11 sats \ 0 replies \ @TwoLargePizzas 31 Oct 2023
Most people do not appreciate computer science. Most people do not understand scarcity. Most people do not understand money.
Fortunately, some people do understand these things.
reply
0 sats \ 0 replies \ @Chep 31 Oct 2023
bang bang
reply
0 sats \ 0 replies \ @DarthCoin 31 Oct 2023
reply
0 sats \ 0 replies \ @SaToSHiWoMaN 15 Feb outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.